Hello everyone and welcome to the Xinyuan's first quarter 2010 earnings conference call. The company’s first quarter earnings results were released earlier today and available on the company’s Investor Relations website; as well as on Newswire services.

Before we continue, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today.

Further information regarding this and other risks and uncertainties is included in our registration statement and our Form 20-F and other documents filed with the U.S. Securities and Exchange Commission. Xinyuan does not assume any obligation to update any forward-looking statements, except as required by applicable law.

Today, you will hear from Mr. Yong Zhang, our Chairman and Chief Executive Officer, who will comment on current operations, and provide some perspectives on the market environment. He will be followed by Mr. Tom Gurnee, our Chief Financial Officer, who will provide some additional color on our performance, review the company’s financial results, and discuss our outlook for 2010.

Following the management’s prepared remarks, we will open the call to questions. During the Q&A session, Mr. Zhang will speak in Mandarin, and I will translate his comments into English. Please note that unless otherwise stated, all figures mentioned during this conference call are in U.S. dollars.

I will now turn the call over to Xinyuan's Chairman and CEO, Mr. Yong Zhang. Please go ahead, sir.

Yong Zhang

Hello, everyone; and I thank you for joining us today. We are pleased to report a solid first quarter with revenue, GFA sales, and net income all exceeding the high end of our outlook for the quarter. The substantial cash flow generated from operations enabled us to pay down our $100 million of floating rate notes and convertible notes on schedule in April. At the same time, we sealed new notes of $40 million with a three year term. This has left us with a very strong balance sheet and overall financial position.

Recently, the government has implemented a series of policies to try to curb speculation. Especially in Tier I cities, where prices have risen the fastest and speculation has been the highest. The government policies will raise the down payment percentage for second home buyers, will suspend lending to third home buyers, to limit the number of properties a person can buy. That had an immediate impact on real estate sector as well as our results.

Since the middle of April, however, we believe we are well-positioned building the context of these policies and less demand. For each of our major development projects, we remain bullish over the long term. We target middle income consumers in Tier II and the Tier III cities, including the Kunshan project, more than 90% of our units are sold to owners of the top tier. Not speculating, compared to Tier I city developers, we do not expect to be as heavily impacted by these policies, once we have been fully interpreted by local possibilities (inaudible).

The Kunshan project is different from our other projects, and it may be heavily impacted in the near term due to the following factors

One, most of the home buyers in Kunshan are those who cannot afford to buy apartments in Kunshan High. Our selling price is around RMB8,000 per square meter, which is more than RMB10,000 or 60% lower than prices in Shanghai. Two, even the transportation, it only takes about 30 minutes to arrive in downtown Shanghai by subway. Three, according to the newly issued policy, local banks can suspend lending to non-local residents who fail to provide local tax returns or proof of Social Security payments for more than one year in Kunshan.

We have done our discussions with local banks. They do not appreciate the new policies, which have hurt the local economy. However, the policies were implemented just a couple of weeks ago. It is too early to predict the lasting effect of the changes. But we do believe that we don't have severe impact in the long run.

We have seven projects on the planning, (inaudible) have paid these projects, two of which began presales already in the second quarter, should provide us with (inaudible) of growth over the next couple of years. We will seek to our objectives of providing middle income consumers with a portable purchase. Our solid financial position remains a key strength for us. The market continues to be challenges. Many other developers in China don't have this advantage. Well, it is difficult to forecast near-term sales, given the new government policy. Our project demands are attractive. Plenty of our (inaudible) remains stable and our balance sheet is solid. We remain committed in (inaudible) and our future.

With that, let me turn the call over to Tom Gurnee, our Chief Financial Officer, who will go over some of the details for the quarter and our outlook for the second quarter of 2010.

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